Microeconomics short notes

May 17th, 2015

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Positive economics- This is the use of economics to describe the activities which are happening in the world It is also called “what is” or “descriptive”
Normative economics- This is the use of economics to recomment changes. It means advicing on how things “shoud be” It is also called prescriptive analysis

Microeconomics short notesMicroeconomicsPositive economicsThis is the use of economics to describe the activities which are happening in the world It is also called what is or descriptiveNormative economicsThis is the use of economics to recomment changes. It means advicing on how things shoud be It is also called prescriptive analysisThe market economy An economy that is entirely run by the market forces demand and supply and there is no government involvement in the economy A pure market economy may not exist in the real worldPrice mechanism Refers to the s